Teva Pharmaceutical Industries announced that it has entered into an agreement under which Teva will acquire NuPathe for $3.65 per share in cash, or approximately $144 million. In addition to the upfront cash payment, NuPathe shareholders will receive rights to receive additional cash payments of up to $3.15 per share if specified net sales of NuPathe’s migraine treatment, Zecuity, are achieved over time.
Zecuity (an iontophoretic transdermal system that delivers sumatriptan) is the first and only prescription migraine patch approved by the FDA for the acute treatment of migraine with or without aura in adults, the company reported in the press release. With the addition of NuPathe’s Zecuity, Teva is expanding its portfolio of medicines that treat conditions affecting the central nervous system (CNS). Teva will now have access to NuPathe’s proprietary technology including its transdermal delivery system for patients.
“We believe that Zecuity is a great fit within our existing US CNS Business Unit, with near-term sales and significant commercial potential," stated Mike Derkacz, vice president and general manager, Teva CNS, in the press release. “Zecuity enables rapid transdermal delivery of sumatriptan and bypasses the GI tract to avoid issues with oral intake, addressing an important, unmet patient need, especially for those with migraine-related nausea. At Teva, we will leverage our unique Shared Solutions infrastructure to support patient utilization of this important new medicine for migraine sufferers.”
The consummation of the tender offer is subject to various conditions, including a minimum tender of a majority of outstanding NuPathe shares on a fully diluted basis, the expiration or termination of any applicable waiting periods under applicable competition laws, and other customary conditions. The board of directors of NuPathe unanimously approved the transaction, which is expected to be completed in February 2014.